On May 6, 2015, Orbite Aluminae Inc. (TSX: ORT) (OTCQX: EORBF) announced that, further to its press release of April 6, 2015 announcing closing of the first portion of its public offering of units in the amount of $10,000,000, Euro Pacific Canada Inc., the underwriter under the public offering, had exercised in full its option to purchase an additional $5,000,000 of units, bringing the aggregate gross proceeds for the public offering to $15,000,000.
The additional units will have the same terms and conditions as those issued in the first portion of the public offering, as each additional unit consists of $1,000 principal amount of 5% convertible unsecured unsubordinated debentures and 1,077 share purchase warrants of Orbite, issued under the short form base shelf prospectus and prospectus supplement dated March 18 and March 30, 2015 respectively. The debentures will mature on April 6, 2020 and will bear interest at a rate of 5% per annum payable semi-annually.
Orbite Aluminae is a Canadian clean technology based mineral-processing and resource development company whose innovative and proprietary processes are expected to produce alumina and other high-value products at one of the lowest costs in the industry and in a sustainable fashion.
Gowlings advised Euro Pacific Canada in this transaction with a team that included Paul Fornazzari, Jeff Zabalet and David Morrison (corporate/securities) and Marc-André Godard (tax).